Billion to One, a California-based molecular laboratory, has filed for an IPO. The company has a diversified panel of tests, all based on very-high-sensitivity technologies. Clinical areas span germline risk genes, tumor gene panels, and minimal residual disease testing.
- See coverage at Reuters, here.
- See the S-1 at SEC, here. For me, the PDF tallies ~350 pages.
- Details like expected share price and valuation to follow.
- Ticker is to be BLLN.
According to Reuters, revenue is now running circa $250M per year and net loss is small.
Billion to One reported revenue of $125.5 million in the first half of 2025, compared with $69 million in the year-ago period, according to the IPO filing.
Net loss narrowed to $4.2 million in the six months ended June 30, from a loss of $15.2 million in the same period last year.
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AI CORNER
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I asked Chat GPT to summarize the 350 page IPO in 100 words.
BillionToOne is a fast-growing precision diagnostics company built on its patented single-molecule NGS platform, which enables ultrasensitive cfDNA analysis for prenatal and oncology care. Its UNITY line pioneered non-invasive fetal risk screening for single-gene recessive disorders without a paternal sample, while its Northstar tests for cancer therapy selection and response monitoring detect mutations and treatment effects earlier and at lower levels than many competitors. The company reports strong recent momentum—82–86% YOY revenue growth, improving margins, and near break-even operations—while emphasizing disciplined execution and efficiency. BillionToOne aims to expand into MRD and early detection, positioning itself as a next-generation leader in precision medicine.
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In the S-1, "MolDx" appears about 15 times and "Medicare" about 70 times.
